Nigeria’s Inflation Climbs to 24.23% as Cost of Healthy Diet Doubles — NBS Report

Nigeria’s inflation rate has surged yet again, hitting 24.23% in March 2025, according to fresh data from the National Bureau of Statistics (NBS). This marks a sharp rise from the 23.18% recorded in February. On a month-to-month basis, inflation also climbed to 3.90%, showing just how intense the economic pressure has become. What’s more worrying is the consistent upward trend — and for the average Nigerian, it’s getting harder to afford basic needs.

The cost of maintaining a healthy diet tells its own alarming story. According to a joint report by the NBS and the Global Alliance for Improved Nutrition, the national average cost of a healthy diet jumped to ₦1,035 per day in April 2024, compared to ₦491 in April 2023, that’s a 110.7% increase in just one year. It’s also up 5.4% from March this year. For context, these aren’t luxury meals, just the bare minimum for balanced nutrition.

Food inflation continues to be a major driver of the crisis. Year-on-year, food prices rose by 21.79% in March. The monthly rate also edged up from 1.67% in February to 2.18% in March. Core inflation, which strips out volatile items like food and energy, wasn’t left out either, rising to 24.43% year-on-year. Regions like Oyo, Kaduna, and Kebbi recorded the steepest hikes in food costs, while states like Adamawa and Akwa Ibom saw the slowest increases.

Breaking it down further, urban areas bore the brunt of inflation with a 26.12% year-on-year rate in March and 3.96% on a monthly basis. Rural inflation wasn’t far behind, standing at 20.89% year-on-year and rising to 3.73% month-on-month. These numbers paint a stark reality: economic hardship is deepening across the board, and urgent policy action may be needed to keep things from spiraling even further.

Source: Leadership